In a deal valued at $2.3 billion, Symantec has agreed to purchase personal identity protection service LifeLock, Inc. The service rose to fame when, in 2007, they began traveling the country with a large vehicle on which was printed the social security number of co-founder, Todd Davis. The stunt was done to demonstrate Davis's confidence in his company's service, which promises to protect people from identity theft, even if all of the information is made public. As a result of the campaign, Davis was the victim of 13 cases of identity theft.
In 2010, the company was fined $12 million by the US Federal Trade Commission for false advertising. The chiefest among their complaints was the 100% protection promised by the television ad featuring the SSN truck. In fact, then FTC Chairman Jon Leibowitz had one of the greatest quotes in all of federal law history, stating,
Since settling that case, the company was cited to be in contempt of thee agreement in 2015. A new $100 million fine was assessed, with much of the money being earmarked for a class action settlement against the company.
If this seems like a strange company for Symantec to acquire, you're right - in the midst of such a lack of consumer confidence, why would Symantec possibly be interested in purchasing them? It is likely that Symantec wants to add the technology and assurance behind LifeLock, without actually maintaining the brand. A new name will almost certainly be on the horizon for the service under its new owners, potentially even under their already well-known and respected Norton brand. Without the drag of the LifeLock name, and a boost from the Norton name, it is possible that Symantec could revive this once promising consumer protection service.
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